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As we begin the new year, remember that without the rain, there would be no rainbow. God works all things for the good, for those who follow Him, and I trust that God has gone before me and prepared the way... no matter what. This year might well be the most challenging for us tax pros. I'm thankful that we have each other. So, be kind, drink wine, and keep smiling! Cheers!

Kathy Morgan, EA, Ustcp: For folks looking - the IRS has posted new draft instructions for the 1040 that includes the new worksheet for computing both EIP payments and the credit (page 59 of the instructions). We will have several examples in class on Saturday.

Read the trust document.

Tom: do NOT charge too little or accept the wrong clients. You are NOT a newbie that needs any tire-kicker that happens to call. You are an intelligent and experienced preparer and have this water cooler surrounded by colleagues. Take ONLY the clients you want and CHARGE THEM WHAT YOU'RE WORTH. PS That goes for ALL of you, whether it's your first year or your last.

This is going to make for one fun tax season, not!

We use the organizer as a checklist of what documents are needed. You must be using the basic organizer, which I haven't looked at in ages because it was not suitable for our purposes.

I've never had the type of trust that you describe, but if it's ignored for tax purposes, no 1041 is filed. If it's not ignored for tax purposes, the trust will pay taxes if the income is not distributed.

I think you mean 'revocable' trust, in which case the trust doesn't even file a tax return. https://www.thebalance.com/what-are-grantor-trusts-and-how-can-they-be-changed-3505545 But if it is an irrevocable trust and there are no distributions to the beneficiary, then the trust pays the tax at very high rates.

I won't have any PPP either that I know of. I almost had a same sex couple. They were planning on getting married in December, 2020, but postponed. I have at least one more year to worry about it. Still 2 single returns.

Here's to a happy, healthy, and prosperous 2021!

Good, ATX should be soon.

I pay $396.00 for 1M coverage thru Hiscox as well. Never had a claim in 24 years either but as others have said, can't be without it.

Drake has the second round in the latest update.

States now available for download.

Attended a tax update seminar last week and they said the new $600 stimulus payments are included in reconciliation on the 2020 return. So if a client did not receive the payment it will be included in the refund. I asked what happens if they get the $600 after they have filed and he did not have any answer. Makes sense now if payments are cut of on January 15th. And got mine in the bank account this morning!

I did not know this, got a Florida client that may rent their condo when they are traveling. Good to know!

Tom, when. I got fired from my part time job it was the BEST thing to happen to me! I had same sex couples to keep me busy, you’ve got PPP & all the other COVID changes to keep you busy. I’m not doing any PPP stuff; I refuse to learn it and don’t need the money, which is what a lot of you said with same sex couples 10 years ago. I’ll refer out any that approach me.

Alas, the phone is starting to ring with the most mundane questions, such as "When will I get my stimulus?" How do you answer that when you have no idea. On the other hand, I am downloaded, updated and am training a new assistant. My former girl won't come in because of Covid. Well, we all have to deal with life in our own way and this may turn out to be a bonus for me because I found a girl who actually WANTS to learn. She has some experience and wants more and in view of my age, that is exactly what I need. Win/win for both of us. I have three computers updated with the new program downloaded and ready to go in case the other girl wants to come and help out at some unknown date. Five years of experience means something to me and I really don't feel ready to deal with all of this yet, pep talks and all. CE is completed, Certificate is received and I really could care less.

HAPPY NEW YEAR to all my dear friends here on the forum. May this new year coming in be nicer to us ALL than the one we're leaving behind!

Party.....................Party....................Party...... I only hope that this doesn't happen to me again this new years eve................I was So embarrassed.